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Lyft cuts 13% of its workforce


In an email to employees obtained by CNBC, CEO Logan Green and President John Zimmer pointed to what they called “a probable recession sometime in the next year” and rising rideshare insurance costs. But Lyft is not currently changing the guidance it gave last quarter.Shares of Lyft were slightly negative Thursday. Shares have fallen almost 68% year-to-date, bringing its market cap under $5 billion.Lyft said it has just over 5,000 employees.Green and Zimmer said in the email that the layoffs “were based on deprioritized initiatives, an effort to reduce management layers, broader savings goals, and, in some cases, performance trajectory.”For laid-off workers, Lyft promised …

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